From: Global Risk Insights
Cyber security is a rapidly evolving sector. Oftentimes, regulatory frameworks lag behind the latest developments. And when legislators finally act, companies, institutions and other influencing stakeholders must be fully aware of newly implemented regulations. In 2018, the new European Union (EU) regulation on data, cyber and information security will be a game changer. Here’s why.
Strategic foresight must take a regulatory lens. The vast majority of companies, institutions and other organisations underestimate both the significance and impact of a (slowly) changing legislative landscape – and therefore, often fail to respond to far-reaching challenges in proper time, damaging their own business and reputation.
Due to the volatility, force and pace with which technological innovation is moving through the global economy, cyber risk has become the biggest contemporary threat to all actors, especially companies. About 72% of all global CEOs do not think that they are fully prepared for a cyber attack. Potential targets have to factor in multiple variables when building their cyber defense capacities. And taking a regulatory perspective must be a key part of the overall equation. As regulations are growing increasingly complex, doing the minimum in compliance is not enough anymore.